Hitachi to pay fine for bribery
WASHINGTON- Hitachi Ltd. made a settlement with the Securities and Exchange Commission over improper payments it made to South Africa's ruling party to win contracts to build power plants.
The SEC says Hitachi paid $6 million to a front company for the African National Congress, South Africa's ruling party. Hitachi won two contracts to build power plants.
Hitachi does not admit or deny wrongdoing in the settlement for violating the Foreign Corrupt Practices Act.
The fine from the SEC is $19 million.
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